INOVIO Gets $71 Million Contract from U.S. Department of Defense
On June 23, INOVIO (INO) announced that it received a $71 million contract from the U.S. Department of Defense in order to support large-scale manufacturing of the company’s CELLECTRA® 3PSP device. Both the company’s proprietary CELLECTRA® 3PSP smart device and the CELLECTRA® 2000 deliver INO-4800 directly into the skin. INO-4800 is the company’s COVID-19 vaccine that is currently in Phase 1 clinical trials with Phase 2/3 set to start later this summer. The CELLECTRA® 3PSP is a small, portable device that runs on “AA batteries” and can be easily stockpiled in preparation for a global pandemic.
Sonal issued a news alert at 7:30 am. The next trade took place at 7:31 am for $16.35. INOVIO closed above $20 on the event day, and the stock price continued to rise over the next four trading sessions. INOVIO closed at $31.69 on June 29 for a five-day gain of 94%.29
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